Payments News

On The Web

nbsp;

Systems

Speech by Governor Brainard on Delivering Fast Payments for All

“Through the FedNow Service, we will provide a foundation for the future—a modern payment infrastructure that allows innovation and competition to flourish and delivers faster payments safely and securely for all. To ensure fast payments are available to everyone, FedNow will be accessible to all banks, no matter the size. Given our long-standing service connections […]
nbsp;

Systems

Fed Wants Workers to Get Pay Faster

“Community groups, smaller banks and advocates for low-wage earners have been calling for the Fed to limit the delay and to create a public sector option for real-time payments. But some in the banking industry, particularly large banks, have pushed back against the effort over concerns that the Fed’s involvement will compete with their products […]
nbsp; nbsp;

Systems

Pricing, Disputed Transactions Among Undetermined FedNow Issues

“For example, one inquirer asked about FedNow’s cost. The answer is that pricing hasn’t been set. But Kirstin Wells, the Federal Reserve Board’s principal economist, said a price structure could take its cues from pricing for existing Fed services, such as for automated clearing house transactions, that have participation and transaction fees. “We are not […]
nbsp;

Systems

Fed’s Real-Time Payments System to Compete With Wall Street

“The Federal Reserve , rebuffing an intensive Wall Street lobbying campaign, plans to create a real-time payment system that will compete with a venture formed by big banks.    The FedNow Service, set to begin operating by 2023 or 2024, will modernize the payments infrastructure by allowing money to be moved almost instantly at every […]
nbsp;

Systems

The Federal Reserve’s Entry into Real-Time Payments

“It is difficult to determine whether instances of fraud will increase or decrease under a RTP framework. Certainly because of the near instantaneous nature of the transaction, fraudsters have less time to engage in any transaction. However, the time barrier that financial institutions and others have used to verify the validity of the transaction will […]
nbsp;

Risk & Fraud

Aussie Banks Warn Customers After Fresh PayID Data Breach

“NPP Australia said that an undisclosed number of PayID records “and associated data in the Addressing Service were exposed by a vulnerability in one of the financial institutions sponsored into the NPP by Cuscal Limited.” “Cuscal has confirmed that the client-side technical issues underlying the exposure were identified and resolved immediately,” it said in an […]

On The Wires

nbsp;

Domains

Canadian Fintech Launches Industry-leading Cross Border Bill Pay Solution for Financial Institutions

“Canadian fintech Buckzy Payments Inc. today announced an enhancement to its real-time cross border network by including real-time cross border bill pay through a single connection, solving a longstanding challenge to international bill payments. Despite many industry leaders attempting to find real-time cross border bill payment solutions, Buckzy is the first to present a functional […]
nbsp;

Systems

The Clearing House Remains Focused on Operating and Growing the RTP® Network | The Clearing House

“We are already seeing how these real-time capabilities are providing for tremendous advances in speed, convenience, and security in how Americans receive and send funds. We are excited about the many ways that this revolution in payments will continue to deliver new benefits to depository institutions and their customers. While we will stay abreast of […]
nbsp;

Systems

BHMI Selected to Support Back-Office Functionality of the Zelle Network®

“Baldwin Hackett & Meeks, Inc. (BHMI) , a leading provider of enterprise software applications and creator of the Concourse Financial Software Suite™ , announced that Early Warning Services, LLC, the network operator behind the Zelle® fast payments network, has selected Concourse to support disputes management for payment transactions processed by the Zelle Network®.”